The boundary would also be non-contiguous - meaning there are breaks in the overall boundary.
The new proposed TIF would also be the city’s first so-called “equity TIF” - instead of pooling taxes from the properties within the project’s boundary, it will take taxes from downtown, the South Loop, parts of Chinatown and Bridgeport and use them for development of the transit line further south. State law was changed in 2016 and again in 2021 to allow for the city to create this special TIF exclusively for transit-related development. These transit TIFs are longer in life: 35 years compared to 23 for regular TIFS. It also included the complete rebuild of the Lawrence, Argyle, Berwyn and Bryn Mawr Red Line stations. This includes the Belmont bypass, which, when completed in 2025, will re-route northbound Brown Line trains up and over Red and Purple Line trains near the Belmont stop, allowing for more trains to pass through these stations. It was through that TIF that the CTA has been able to rebuild sections of the century-old Red Line tracks from Belmont to Howard and the Purple Line from Howard to Linden. That’s porting on steroids,” Dowell added, referring to a practice where the city takes money from one TIF and moves it to another area.įor this project, officials are mirroring a TIF created in 2016 for the Red and Purple Line Modernization Project - considered the largest investment in Chicago’s public transit.
#Redline chicago belmont skin
“I believe that because these benefits would be citywide, everyone should have skin in the game.” Pat Dowell, 3rd Ward, whose residents would be included in the new tax boundary. “The talk has been about citywide benefits but not citywide funding,” said Ald. Carter said he’d be willing to look at additional funding sources in the future. It didn’t help that several constituents who would be part of the new TIF district said their property taxes increased significantly when bills were mailed out earlier this month. “Correct a decade of wrongdoing for this community,” Carter told aldermen, saying this is about “fairness.”īut several aldermen questioned why the TIF was the only local funding source and why the state and county weren’t helping to cover the bill. Testifying before the City Council on Monday, CTA President Dorval Carter urged aldermen to make this project a reality, saying it’s not a mistake this area of the city is the only area without direct access to a rail line. The rail line would be elevated from 95th Street, where it runs along the highway, and will connect areas such as the Roseland medical center and commercial corridor. The 5.6-mile extension would add four new stations near 103rd Street, 111th Street, Michigan Avenue and 130th Street.
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